Pension rules checklists

THE Pensions Board yesterday published detailed checklists that pension trustees and employers must obey if they wish to avoid on-the-spot fines of €2,000.

The checklists will help employers ensure they are not contravening the Pensions Act by breaching disclosure of information regulations, failing to respond to a board request for information or failing to update scheme registration details.

Brendan Kennedy, chief executive of the board, said: “Given the protracted nature of bringing cases to court we welcome an alternative means of ensuring that scheme trustees and employers comply with their statutory obligations. The new on-the-spot fines will enhance the board’s capacity to enforce pension rules and regulations. The checklists will help scheme trustees and employers to check their levels of compliance. If in doubt they should contact their advisers.”